What should I do if loans overdue receives the notice of court hearing?

If you are in loans overdue, you should actively contact the lender to slow down the repayment cycle. The upper limit of liquidated damages for overdue payment;

1. The penalty interest rate of overdue loans (loans that the borrower fails to repay on the date agreed in the contract) is changed from the current daily interest rate of 2. 1% to 30%-50% higher than the loan interest rate agreed in the loan contract;

2. If the borrower fails to use the loan as agreed in the contract, the default interest rate will be changed from the current daily interest rate of 0.5 ‰ to 50%- 100% of the loan interest rate agreed in the loan contract.

Legal provisions on liquidated damages for private lending:

Both parties to the contract shall clearly agree on the payment time and the calculation method or amount of overdue liquidated damages or interest, otherwise any dispute shall be calculated within 24% of the comprehensive rate.